Injective has been on the crosshairs of investors as the market regains bullish momentum. INJ, the native token of the platform, captures some of this bullishness with a 15% upward drive.
The platform has been the target of positive on-chain development leading to strong investor confidence. With the market rebounding after the early September slump, INJ bulls might have the opportunity to push for more gains in the long term.
Injective Grows On-Chain As New Developments Hit The Market
Neptune Finance has been whitelisted due to Proposal 431 passing, yesterday, September 10. The proposal was simple: grant the Neptune Team to be whitelisted on the Injective blockchain, allowing Neptune to deploy smart contracts without any hitches.
This move was supported by the broader Injecive community with over 78% of votes in favor of whitelisting the protocol.
Injective is coming for the top spot ⏳ https://t.co/kl4gZy9n9f
— Injective 🥷 (@injective) September 10, 2024
Injective was also included in CryptoRank’s Top 10 Blockchains by Price to Revenue Ratio, placing 8th just behind Optimism and ahead of Polygon. This indicates that Injective’s growth is ramping up with an earlier post stating that the Injective-built decentralized exchanges (DEXs) have processed over $40 billion in trades.
Buy crypto in a breeze with @Injective Bridge.
In just a few clicks, connect your wallet, pick your favorite token, and pay with a credit card, Apple Pay, or Google Pay. Your funds will be available in as little as 15 seconds — fast, secure, and hassle-free.
— Mercuryo (@Mercuryo_io) September 10, 2024
Mercuryo was also made available on the Injective Bridge, allowing users to buy crypto using other payment services like Apple Pay or Google Pay. This seamlessness in buying crypto will help Injective to reach more users that are interested in the platform.
With institutional interest in Injective also gaining ground, INJ’s future performance will be in favor of gains.
Rejection At $18.3 Might Derail Future Gains
Even though INJ has skyrocketed as the market returned to bullishness, the token still faces some resistance in the coming days. As of writing, INJ’s upward momentum was rejected by the $18.3 resistance level which may be a sign that bulls are struggling to maintain their current momentum.
In this sense, INJ’s high correlation with Bitcoin –and by extension, the broader market– has significant implications for its future price movement. However, the relative strength index has been relatively stagnant, staying within the midrange, indicating that the bulls and bears are struggling to gain control of the market.
The token’s rejection might be the start of a correction phase that places it well below $17.1 in the short term. However, strong development along with strengthened investor confidence might slow INJ’s descent in the coming days.
Investors and traders should exercise caution in the coming days as bears might flip the token’s momentum to break through the $17.1 support level. If the bulls can hold their ground in the next couple of days, INJ has another shot at retesting the crucial $23 resistance level.
Featured image from 01node, chart from TradingView